Tether CTO backs El Salvador in its Bitcoin initiative

Judging El Salvador’s success just a year after the legalisation of Bitcoin as a means of payment would be premature, given the rapidly changing geopolitical landscape, said Paolo Ardoino, CTO of Tether.

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It’s really disingenuous to dismiss the efforts of countries trying to build their own future around the most solid, open and free (as in freedom) of the currencies: #bitcoin .
As a stablecoin issuer, #tether supports #bitcoin adoption. The ultimate goal is financial freedom.

— Paolo Ardoino ? (@paoloardoino) February 22, 2023

The expert noted that the world could change radically within a few years.

«It would be unfair to dismiss the efforts of those countries trying to build their own future around the most robust, open and free (in the sense of independence) currency — Bitcoin,» he explained.

Ardoino stressed that Tether Limited supports the adoption of digital gold, as its aim is financial freedom.

The executive lamented that in Europe (excluding Switzerland) attitudes toward the first cryptocurrency, despite millennia-old traditions, were not particularly promising.

Ardoino said he would be glad if the countries of the region pursued technological and financial independence like El Salvador.

Earlier, Bitfinex, Tether and Hypercore launched the Holepunch platform to create fully encrypted P2P applications. It does not rely on any blockchain, but the built-in payment API will work with the network Lightning Network. By default, Holepunch also supports integration into USDT-enabled apps.

In 2022, Lugano (Switzerland) effectively recognised the first cryptocurrency, Bitcoin, Tether and the city token LVGA as legal tender.

That same year the city opened El Salvador’s Bitcoin Embassy. In February 2023, a second similar institution appeared in Texas (USA).

Earlier, finance minister Alejandro Zelaya said that the rollout of digital gold expanded access to financial services for a population largely outside traditional banking, attracted tourists and investments.

Earlier, the government of the Latin American country opened the National Bitcoin Office. It will oversee all local projects related to the first cryptocurrency.

МВФ criticised El Salvador’s decision to legalise Bitcoin and recommended stripping the asset of this status.